Categories: Finance NewsSoftware

Financial App: The Challenges and Advantages Leading to Develop a Financial App

Applications will not only help you analyze your spending, but also save you from unnecessary purchases. What else finance mobile app development can be useful is here.

We keep fact not only to see how much money we spent.

Taking into account the fact, you control whether you fit into the amount of income. Each month you should have a clear understanding of cash flows: what income and expenses are expected.

Follow a plan that you have invented in advance. Before the next purchase, you ask yourself the question: “Was it planned for me?” If so, make a purchase and commit it. If not, ask yourself why you want to spend this money. Either this is a planning mistake and you did not include the necessary expenditure in the plan, or it is a spontaneous desire, which you can and should refuse – otherwise you will not come to the desired financial result.

Be mindful of expenses and income. Control is not needed in order to record the money spent after the fact. This is a criterion that gives awareness of their spending. Once you get into the habit of keeping records, you start to wonder what you are spending your money on.

Accumulate statistics of expenses and income. In the future, this will help analyze them and adjust to achieve the intended financial goals.

For analytics by months and annual results, you will need an Excel spreadsheet. After you have planned your budget there, you can close the spreadsheet. It is the turn of the application.

To make the data for analysis easy to use, it is important that the application meets several requirements:

The application should reflect where the money is stored: cash, cards, checking accounts, deposits, credit cards, loans.

Credit cards and loans are not available in all applications. If this feature is not available, treat your credit card balance or loan amount as negative balance. This is the amount you owe. The amount that is available on the credit card is not counted anywhere. The available money on the card cannot be a positive balance on this account.

The application should reflect the categories of income and expenses. It is important that you can add your own options to the proposed ones. You need two levels of analytics – categories and subcategories.

For example, the category “car” has subcategories “gasoline”, “car wash”, “fines”, “parking”, MOT. If there are no subcategories in the application, and you want to see expenses in the context of these indicators, you will have to create them in categories. Your list of categories will become endless.

The application should show monthly totals for expenses and income. If it is only for expenses, it is better not to consider it. If you do not record income and do not correlate them with expenses, your actions become meaningless. The task of control is precisely the matching of income with expenses with https://diceus.com/industry/insurance/ .

The application must match the actual and planned figures (those from the Excel table). When you start a fact, you can compare it with the plan and see how much of the target you have already spent.

The application must upload data from the application to a CSV file (this is a format that can be opened through Excel). So they can be analyzed and checked against your Excel spreadsheet. Otherwise, the numbers will have to be retyped. You will also face difficulties if you want to conduct more complex analytics.

Some applications allow you to sync your accounts with the bank.

Main advantages

The program automatically pulls up transactions on the account and records them. You don’t need to enter numbers manually.

The balance of your account in the application is always equal to the current balance of the bank account.

The main cons

Not everyone is ready to give the application access to accounts – it is a matter of your trust in the system.

If before that you were not in the habit of keeping and analyzing records, synchronization can be harmful. The program will record expenses itself, and you will not get into the habit of keeping track of your money every day.

The program does not always correctly account for transactions – for example, it may make a mistake with the category. If you don’t keep track of what is syncing and how, the recordings will be a mess.

In the first one to three months of using the application, it is better not to enable synchronization. This will teach you how to control money yourself.

Saad Ullah

An engineer with a passion for innovative technology, blockchain has been a natural attraction. More than a decade of experience in handling HR, HSE and IT management systems for FMCG companies. Currently pursuing Masters in Business Administration.

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Saad Ullah

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